Real Estate From The Trenches

U.S. Foreclosures Climb Again: April Sees 14% Annual Jump

May 15, 2025

After declining sharply during the pandemic, foreclosure activity in the U.S. is continuing its slow but steady return to pre-COVID levels. According to ATTOM’s newly released April 2025 U.S. Foreclosure Market Report, foreclosure filings, including default notices, scheduled auctions, and bank repossessions, hit 36,033 nationwide last month. That’s a slight 0.4% uptick from March, but a more notable 13.9% increase from a year ago.

While that number still doesn’t come close to the monthly volumes we saw during the Great Recession, it’s the direction, and persistence, of the trend that’s worth watching. Rob Barber, CEO of ATTOM, summed it up plainly: “April’s foreclosure activity continued its gradual climb, with both starts and completions up annually… the year-over-year increases may suggest that some homeowners are beginning to feel the effects of persistent economic pressures”.

Wire Fraud Is the Real Estate Threat Most Buyers Don’t See Coming

May 14, 2025

Wire Fraud Is Targeting Homebuyers and Sellers – and Most Don’t Even Know It’s Happening

House Tax Bill Could Be a Game-Changer for Real Estate… Here’s Why

May 13, 2025

There’s a massive piece of legislation working its way through Congress right now… fittingly titled The One, Big, Beautiful Bill… and it includes several key provisions that could deliver real value to homeowners, investors, and real estate professionals alike.

Let’s start with taxes… the bill locks in the lower income tax brackets from the Tax Cuts and Jobs Act, preventing a tax hike in 2026. It also makes the higher standard deduction permanent… meaning more take-home pay for many households. In 2026, for example, a married couple filing jointly would get a $32,600 deduction under this proposal… double what it would be otherwise.

The Most (and Least) Affordable States for Homebuyers

May 7, 2025

Most and least affordable states for housing

Housing affordability isn’t what it used to be—no surprise there. But according to a new analysis from Realtor.com, some states are still holding their own when it comes to the balance between home prices, income, and new construction. And a few names at the top of the list may surprise you.

South Carolina snagged the top spot as the most affordable state in the country, earning an overall “A” with a relatively low median price ($354,429), reasonable income-to-price ratio, and—here’s the kicker—a negative new construction premium. That means new homes there are actually selling for less than existing ones, which is about as rare as a stress-free appraisal these days.

Agents Are Making More Money—but Losing Faith in NAR, Survey Finds

May 6, 2025

A newly released industry survey puts some hard data behind the shift many agents have been sensing: higher income potential, yes—but also higher dissatisfaction with the profession and its institutions. The survey, conducted by Redfin in partnership with Ipsos, focused on 500 non-Redfin agents who closed at least one deal in 2024. Among its most striking findings: while nearly 30% of agents reported earning over $100,000 last year, only 21.2% would recommend real estate as a career. And over half now say they hold an unfavorable view of the National Association of Realtors (NAR)—up sharply from just 19% the year before.

As the chart below shows, more agents are getting deals done. In 2024, 72.2% closed more than five sales, up from 63% in 2023. Incomes rose in step, with 58% earning over $50,000 compared to 49% the prior year. But performance isn’t the whole picture. The Redfin survey highlights growing pressure from commission negotiations, uncertainty about brokerage support, and sharp disillusionment with NAR following last year’s $418 million settlement. Nearly four in ten agents say those changes have already hurt their business, while over half report more clients are trying to haggle commissions. It all adds up to a real disconnect: the deals are getting done, but confidence in the industry’s leadership is slipping fast.

Compass Sues NWMLS, Claims Monopoly Tactics Blocked Seller Choice

April 29, 2025

Compass vs NWMLS lawsuit - Private Listings

Well, here we go again—another big real estate lawsuit, but this one has a local twist and a broader punch. Compass just sued the Northwest MLS, and unlike some of the class-action commission suits making headlines, this one is very focused on listing control, competition, and, ultimately, the consumer’s right to choose how their home is marketed.

At the heart of Compass’s complaint is the claim that NWMLS, which is owned and governed by traditional brokerage firms, is shutting down competition by refusing to allow office-exclusive listings—something that’s allowed in every other state. Compass argues this isn’t just hurting them; it’s hurting homeowners too, by stripping away an option that many sellers clearly want. In fact, nearly half of Compass sellers nationwide used their pre-marketing strategy—what they call “Private Exclusives”—in Q1 this year, and in Seattle, over a third of Compass clients jumped on the offering within just a week of it being available. Then, NWMLS pulled the plug.

Real Estate’s New Reality: Rules Are Out, Big Players Are In

April 28, 2025

If you’re still operating like the real estate world runs on clear policies and NAR rulebooks, you’re already behind. What’s happening now — with CRMLS refusing to implement a mandatory NAR policy, and Zillow quietly setting its own listing standards — is a clear signal: the old rules-based system is collapsing. We’re moving into a market where size, reach, and direct consumer control will matter more than compliance with association mandates. For agents, brokers, investors, and even homeowners, this means adjusting expectations fast. If you’re relying on the MLS or traditional structures to protect your interests, it’s time to rethink your strategies.

Large players like CRMLS and Zillow aren’t waiting for formal decisions anymore; they are acting independently based on their market power. Smaller MLSs, brokerages, and agents who can’t or won’t adapt risk being pushed aside. Investors and homeowners should pay attention too — as access to listings, transparency, and even who controls information about their properties is changing. Those of us who work “in the trenches” know this shift isn’t theoretical; it’s happening in real time. Power, not rules, is now setting the pace of real estate — and the only way to stay relevant is to move with it, not against it.

Rental Payments Rebound: April Report Shows Gains for Small Landlords

April 27, 2025

The latest Independent Landlord Rental Performance Report from Chandan Economics shows some encouraging news for small and mid-size residential investors: on-time rent payments improved again in April. Nationally, 86.3% of tenants in independently operated rentals paid on time, up 45 basis points from March and slightly ahead of last year for the first time since mid-2023 . Seasonality—thanks in part to tax refunds—always gives March and April a boost, but this year’s gains feel a little more grounded, especially after nearly two years of steady slippage. The report also noted that while the full-payment forecast (which factors in late and expected late payments) dipped a hair to 95.5%, it’s still holding near a six-month high . For investors looking closely at portfolio health, that’s a good sign the tenant rent burden may be stabilizing, at least for now.Take a look at the interactive chart below showing on-time payment rates by property type. It breaks out single-family rentals, small 2–4 unit properties, and larger multifamily buildings separately—and you’ll see small properties are leading the pack. In April, 2–4 unit rentals had the highest on-time payment rate at 87.0%, slightly edging out single-family homes (86.5%) and larger multifamily buildings (86.2%) . If you’re investing in smaller properties, this trend reinforces why that segment often delivers more reliable cash flow, especially in markets with steady local economies. While regional performance still vari...

CRMLS Says No to New NAR Listing Policy, Citing Clarity Over Complexity

April 24, 2025

Last month, NAR rolled out a new MLS policy they’re calling “Multiple Listing Options for Sellers.” The idea is to let sellers delay when their listings appear on IDX sites and third-party portals, even while they’re actively marketing the property. It’s optional for MLSs, and CRMLS didn’t waste any time reviewing it—and flat out said no.

Why? Because we don’t need it. CRMLS’s current system already gives brokers the ability to opt out of IDX and syndication. Adding a new listing category just to hit a checkbox creates more problems than it solves. We’re talking more confusion, more compliance issues, and more explaining to do with sellers who just want to know where their listing is showing up online.

Zillow’s Big Rule Change: Game-Changer or Nothing Burger?

April 21, 2025

Zillow’s April 18 clarification, courtesy of Chief Industry Development Officer Errol Samuelson’s LinkedIn post, attempts to clear the air after some major industry blowback following their April 10 announcement. Zillow boldly doubled down on its shiny new “listing access standards,” insisting that any listing marketed to some buyers must be accessible to all—essentially throwing shade at the trendy rise of private listing networks. Samuelson confidently frames these standards as a noble effort to level the playing field and ensure transparency. But, just to spice things up, he also dismisses opposing views as “misinformation,” suggesting critics are merely craving the spotlight.

So, what exactly is Zillow allowing or disallowing under this supposedly big rule shift?

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